Former Managing Director of the defunct Concord Newspapers, Dr. Doyin Abiola has been arraigned before the Federal High Court, Lagos, for fraud.

A statement signed by Police Public Relations Officer DSP Ngozi Isintume-Agu said that the Financial Malpractices Investigation Unit (FMIU) of Special Fraud Unit (SFU) said that between 2006 and 2008, as a Director of the Integrated Microfinance Bank, Dr. Abiola granted to herself without collateral and approval from the Management, the sum of N26,611,246.48.

Dr. Abiola, of 42/46 Moshood Abiola Crescent, Ikeja, Lagos, and wife of the late Chief Moshood Abiola, is one of four Managing Directors or Directors of Integrated Microfinance Bank (IMFB) located at 6A Adeniyi Jones Avenue, Ikeja, who were arrested and charged by the SFU.

The others are Akinteye Simon Ademola, Dr. Jerry Orimovuohoma and Oladapo Bello.

The SFU said the four officials of IMFB unauthorized credit facilities to the tune of N327,566,000 to themselves and other related companies without collateral and that the loans are still outstanding.  In the forensic investigation conducted by FMIU of SFU, the Directors were found wanting in the discharge of their duties while on the Board of Integrated Microfinance Bank (IMFB).

· Ademola of Plot 7, block 90, Mobolaji Ogunde Crescent, Magodo GRA Phase 2, Lagos converted the sum of N131.176 million to his personal use without approval.

· Orimovuohoma of 129B Oba Ladejobi Street, GRA, Ikeja granted unauthorized credit facility to the tune of N29,200,000.00 to himself without collateral.

· Bello of 23/25 Ijora Causeway, Ijora, Lagos recklessly granted the sum of N3,200,000.00 to himself without collateral.

“The bank liquidity was greatly affected with the sum the directors took,” the statement said.    The case comes up at the Federal High Court on December 10.